Royal Caribbean's Earnings Sail Well Above Expectations

Royal Caribbean Cruises (RCL) surprised observers with an unexpectedly strong fourth quarter and boosted its guidance for 2010, saying on-board spending and passenger bookings are rebounding better than anticipated. The parent company of Royal Caribbean International and Celebrity Cruises was expected to post weak results, and had warned that its bookings and yields -- revenue per cabin -- were still depressed by the recession. Instead, it posted net income of $3.4 million, or 2 cents per share, more than double the $1.5 million it reported for the same period last year.